Managerial Accounting Exam 1

_______ measure, record, and report product costs

Cost according systems

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Match Practice Test Progress & Stats

Term	Definition
_______ measure, record, and report product costs	Cost according systems
Keeps track of costs associated with each job	Job order costing
What kind of company is most likely to use job order costing?	A law firm
The flow of costs in a job order costing system involves....	Accumulating costs and then assigning costs to jobs
The costs transferred to Finished Goods Inventory are called...	Cost of Goods Manufactured
A document that shows the direct materials, direct labor, and manufacturing overhead costs for an individual job is called a.....	Job cost record
When a job order costing system is used, depreciation for the factory equipment is debited to...	Manufacturing Overhead
When a job order costing system is used, actual manufacturing overhead costs are debited to...	The Manufacturing Overhead account
Depreciation on a factory plant and equipment will be categorized as...	A Manufacturing Overhead Cost
The predetermined overhead allocation rate is calculated by dividing...	The estimated overhead costs by total estimated quantity of the overhead allocation base
A cost accounting system will assist a manager in determining...	How many and which products to produce
Cost accounting systems are primarily concerned with...	Accumulating product cost information
The amount of taxes and insurance incurred and paid for the plant of a manufacturing company should be debited to...	The Manufacturing Overhead Account
The cost of goods manufactured is recorded with a debit to the __________ account and a credit to the __________ account	1. Finished Goods Inventory 2. Work-in-Process Inventory
The journal entry to issue $800 of direct materials and $60 of indirect materials to production involves debit(s) to the...	Work-in-Process Inventory account for $800 and Manufacturing Overhead account for $60
What is the formula for "Manufactured Overhead Allocation Rate"?	Estimated Manufacturing Overhead / Total Estimated Direct Labor Cost
What is the formula for a question asking about "Job#"?	Direct Labor + Direct Materials + MOH